Actionable news
0
All posts from Actionable news
Actionable news in INSY: Insys Therapeutics, Inc.,

Insys Therapeutics shares plummet 8% on Justice Dept. charges against founder and six former executives

Insys Therapeutics Inc. INSY, -9.84% shares plummeted 8% in heavy midday trade Thursday after the company's founder and majority owner was arrested and charged, along with six former executives, with illegally acting to promote the company's opioid medications and fuel the opioid epidemic. Insys founder John Kapoor, Michael Babich, a former CEO and president of the company, and others were charged by the Department of Justice with allegedly bribing doctors and misleading and defrauding health insurers to promote the powerful opioid medication Subsys. "We must hold the industry and its leadership accountable - just as we would the cartels or a street-level drug dealer," said Acting United States Attorney William Weinreb in a statement. Insys shares have plummeted 43% to $6.85 over the last three months, compared with a 3.5% rise in the S&P 500 SPX, +0.30%


More